Cable. Wednesday 4th April 2012 07:02 hrs

Cable.

Cable has been in a range over the past week or so.

Chart below

Following the FOMC announcement last night cable has broken out of the range and an opportunity to get short with good risk reward has presented itself.

There is resistance at the 1.60 level and divergence between price making higher highs and the Macd and stochastic making lower highs. Price has broken out of the channel and the averages have crossed to the down side.

I am aware that there is support below, however by the time that price reaches this area at 1.5825 I will have moved the stop to break even eliminating the risk from this position.

If we can get a good pull back to the averages and pivot points then my order will be as below.(Shown on the chart as the white box).

Chart and levels below.

Entry: 1.5950

Stop: 1.5995

Target: 1.5725

 

Regards

Scott

USD Strength Wednesday 4th April 2012 06:55 hrs

The USD has at last shown us the way following the FOMC statement last night.

The Fed’s minutes showed only two out of 10 voting members saying further easing “could become necessary”.

This has given 4 trading oportunities with a good risk reward.

These are detailed on the following posts.

Regards

Scott

Euro / USD Tuesday 3rd April 2012 06.28hrs

Euro / USD

This instrument is still inside the triangle.

Chart below

There was a break to the down side yesterday lunchtime, however it was short lived and an entry did not present itself.

There is more news for the euro and the USD today, so for now I am waiting for the break to be confirmed before I get involved.

Aussie / CAD UPDATE

This was a trade I tried last week.

This trade hit its 5% target early this morning.

That made a 20% week if I had managed to get a slightly deeper pull back on those four trades.

Chart below.

I will post again as soon as I find a strategy trade, that offers good risk reward.

Regards

Scott

EURO / USD Monday 2nd March 2012 07:03hrs

Euro / Usd

This pair has been in a mid term uptrend, retracing 78.6% of the previous move down.

However price has found, that it is unable to break through the 1.3380 level (78.6% Fibonacci retracement level)

Chart below.

This has boxed price in, with a quadruple top above and trend line support below (an ascending triangle).

I am waiting for price to break out of the triangle.

This will give me the direction the market wants to move in.

I will then wait for price to pull back, and retest either the current resistance level of 1.3380 or the support level of the trend line.

Chart below.

 

Once the triangle has been broken, I will update with the levels for the trade.

Regards

Scott

Targets have been hit on 3 of the 4 trades

Well I have to say that I am a bit cheesed off.

Three of the four trades I have identified and placed orders for in the past 48 hours, have hit their respective targets and the fourth trade is up 4%.

Below is a brief summary of what has happened.

Aussie / USD

Entry: 1.0470
Stop: 1.0495
Target: 1.0345

Price retraced to a high of 1.0444 which was 26 pips from my entry.
The trade was not triggered and the target of 1.0345 has been hit for a 5% profit.

Chart below.

 

Aussie / JPY

Entry: 86.80

Stop: 87.15

Target: 85.05

Price retraced to a high of 86.55 which was 25 pips from my entry

The trade was not triggered and the target of 85.05 has been hit for a profit of 5%

Chart below.

GBP / JPY

Entry: 131.90

Stop: 132.25

Target: 130.15

Price retraced to a high of 131 .83 which was 7 pips from my entry

The trade was not triggered and the target of 130.15 has been hit for 5%

Chart below.

Aussie / CAD

Entry: 1.0415

Stop: 1.0440

Target: 1.0290

Price retraced to a high of 1.0395 which was 20 pips from my entry

The trade was not triggered and price has been to within 27 pips of the target.

Chart below.

On another day I would have banked 15% profit.

I would also have a position that had locked in a further 1% profit with the position still open.

I have been a tad unlucky this week.

Things will turn around and profits will start to roll in.

I will post again when I have a good strategy trade

Have a good afternoon

Best Regards

Scott

GBP / JPY Update Thursday 29th March 2012 05:10hrs

GBP / JPY

Price has been up to 131.827 my order was at 131.90. (7.3pips)

I have removed my order to short Sterling Yen.

Price has made its move and has been as low as 131.17.

If I was in this trade my stop would now be at break even.

Chart below.

I am looking for another strategy trade that will allow good risk reward.

Once it has been identified I will post again.

Have a good day.

Regards

Scott

GBP / JPY Wednesday 28th March 2012 20:00hrs

GBP / JPY

Price has formed a double top at 133.50. Price has then broken through the averages and pivot points.

Price has also broken a sloping trend line support.

I am looking to take a short position when price retraces back to the trend line and the moving averages.

Entry levels and chart below

Entry: 131.90

Stop: 132.25

Target: 130.15

I will update when the trade is triggered.

Have a good evening

Regards

Scott